FJ Research, First Half 2026 Performance Update

34,8% vs 9.98%. The Market Did Its Thing. We Did Ours.

These are my current holdings and earlier this year we also closed two positions at a profit before rotating capital into the current portfolio.

Closed positions

Apollo Global (APO), +16.86%

Green Brick Partners (GRBK), +10.49%

Current holdings as of July 2026

Oscar Health (OSCR), avg. entry $13.19, current ~$31.90, +142%

Natera (NTRA), avg. entry $210.00, current ~$285, +35.7%

Amazon (AMZN), avg. entry $249.23, current ~$242, -3%

Mercado Libre (MELI), avg. entry $1,648.55, current ~$1,763, +6.9%

FJR vs S&P 500, First Half 2026

S&P 500, +9.98%

FJR Portfolio (equal weight), +34.8%

Five out of six bets in the money on current holdings plus two closed positions both profitable. Oscar up 142% from entry. Natera up 35.7%. Amazon is the one position temporarily in the red and I maintain full conviction on the thesis.

The S&P 500 returned roughly 10% in the first half of 2026. FJR returned 34.8% on an equal weighted basis across all six positions.

One important note. The 34.8% is calculated on an equal weighted basis across all six positions. This is the most realistic way to show how each individual bet performed, since most of you are not positioned as concentrated as I am. My personal return is significantly higher because Oscar Health has been and remains my largest position by far, representing well over 60% of the portfolio.

If you are reading this as a free subscriber, this is what you are missing. Every position, every average entry price, every research report, and every new bet before it moves.

One idea like Oscar at +142% pays for decades of FJR.

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Thank you

FJ